Fisker has announced that it has secured more than $100 million in new funding. The California-based automaker was reportedly looking to raise about $150 million, but Fisker says the $100 million infusion will be enough to continue its product development.
Fisker will use the money to finish the development of its upcoming Atlantic sedan and launch a new global marketing campaign for the Karma sedan. Fisker is planning to roll out the Karma to the Middle East and China in the coming months.
“This is another major vote of confidence in Fisker's pioneering technology and business model,” newly appointed CEO Tony Posawatz said. “We are grateful to both our investors and our initial customers who have supported our company and are quickly becoming our biggest advocates.”
Fisker has raised $1.2 billion in private equity since 2007, with $600 million of that coming over the last 18 months. Fisker has also received $193 million from the Department of Energy Advanced Technology Vehicle Manufacturing loan program, although the U.S. Government has denied Fisker the balance of its $529 million loan promise.
Fisker says it has delivered 1,500 Karma sedans, the company's first production model, since its launch in December 2011.